Make my money work harder

egor110

I currently have £2500 in a santander current account ( not 123) and £5000 in a santander savings account earning !!!!!! all.

I'm thinking of switching the current to nationwide so i get the 5% on £2500 but not sure what to do with the other £5000.

Tescos offer 3% but i'd then have to repay my wages from the nationwide to tescos as well as have 2 dd , i;d rather simplify things.

I guess i could shove it in premium bonds ?

I'm also planning on saving £500 month probably with the nationwide regular saver account .

movilogo

If you want your money to work harder, you need to think beyond the convention. High St banks will offer you pittance.

Judge your risk taking ability and depending on that consider investing in Funds, Stocks/Shares, Properties etc. All of these usually offer much better return (but your money can reduce too - hence I said analyze your own risk taking ability first).

soulsaver

If you have a partner you can get 2 NW Flex Direct 5%, maybe try for 3 of 'em - 2off solo + a joint (but may not be within T&Cs).

You need to brush up on research - 3 DDs required for Tesco 3% ac.
And look for more info on refer-a-friend on NW...

Westie983

egor110 wrote: »

I currently have £2500 in a santander current account ( not 123) and £5000 in a santander savings account earning !!!!!! all.

I'm thinking of switching the current to nationwide so i get the 5% on £2500 but not sure what to do with the other £5000.

Tescos offer 3% but i'd then have to repay my wages from the nationwide to tescos as well as have 2 dd , i;d rather simplify things.

I guess i could shove it in premium bonds ?

I'm also planning on saving £500 month probably with the nationwide regular saver account .

Nationwide Regular Saver only allows you to save £250 now, and only offers the flexclusive one now for Nationwide current account customers, so as long as you open the current account you could open a regular saver account too.

https://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts


Westie983

TheLastMongoose

You could just upgrade to a Santander 123 account and keep all your cash there earning 1.5% and open a Santander regular eSaver which you can put in £200 per month to earn 5%. It depends how much work you want to do.

egor110

movilogo wrote: »

If you want your money to work harder, you need to think beyond the convention. High St banks will offer you pittance.

Judge your risk taking ability and depending on that consider investing in Funds, Stocks/Shares, Properties etc. All of these usually offer much better return (but your money can reduce too - hence I said analyze your own risk taking ability first).

My attitude to risk would be low risk .

Aim for this year is to get my savings up to 10k

Liffy99

I just circulate my salary around several current accounts. E.g

£3000 into Clydesdale (2%), leave some to cover direct debits then £2200 of that into
TSB (interest on £1500 + bonus for using debit card) then £1500 into
Tesco (3% and no DDs required) then £1000 back into
Clydesdale

I used to do this around seven current accounts but, since retiring, I have fewer DDs to spread around to meet account requirements.

YorkshireBoy

Liffy99 wrote: »

£3000 into Clydesdale (2%)...

Which specific account is that please?

capital0ne

egor110 wrote: »

My attitude to risk would be low risk .

Aim for this year is to get my savings up to 10k

Actually your attitude to risk is quite hig, but you know the risk, because by not doing just alittle work yourself you are happy to lose 3%+ of your money each year.

capital0ne

Liffy99 wrote: »

Tesco (3% and no DDs required) then £1000 back into

I thought the rules had changed on Tesco accounts now and you do need two DDs

ColdIron

capital0ne wrote: »

I thought the rules had changed on Tesco accounts now and you do need two DDs

They don't for accounts opened before the new requirements, they need 3 DDs for new accounts